Pubic Security Ministry takes over Vietnam’s third largest telecom firm MobiFone

The Ministry of Public Security has officially taken over the management of MobiFone, Vietnam’s third-largest telecom company, from the State Capital Management Committee (SCMC).

The transfer was approved by the government on Thursday as part of its ongoing administrative streamlining drive.

Previously, state-owned MobiFone was under the SCMC’s management. However, under the government’s administrative reforms, the SCMC ceased operations and transferred the responsibility of state ownership representation for 19 state-owned groups and corporations to the Ministry of Finance.

Founded in 1993, MobiFone was Vietnam’s first telecommunications company. According to Vietnam’s ICT White Book 2023, the company held a 17.9% share of the domestic telecom market, behind Viettel (56.3%) and VNPT (21%), both of which are state-owned.

In 2024, MobiFone reported a pre-tax profit of VND2,048 billion ($80.2 million), exceeding its target by 20.6%.

Some of its segments posted strong growth from 2023, such as MobiFone Meet (1,050%), Cloud (312%), mobiAgri (49%), and MobiFone Invoice (58%).

The company currently has 21 member units with a total of 4,000 employees. As of end-2023, it had total assets of VND31,630 billion ($1.24 billion) and owners’ equity of VND23,140 billion ($906.3 million).